Why am I offered 9.9% apr on a 6.9% sainsburys credit card?

sharpy2010

khampson wrote: »

but it could of been 24.9%.

It could HAVE been...

opinions4u

Their web site answers the question:

Your personal APR will be either 6.9% APR (variable), 9.9% APR (variable), or 12.9% APR (variable). At least 51% of our customers are offered our best and representative rate of 6.9% APR (variable).

It doesn't mention the fact that they decline 50%+ of applications too.

So:

25.5% get 9.9%.
12.25% get 9.9%
12.25% get 12.9%
50% get nothing.

There is a case for putting new spending on your 9.9% card as you reduce your debt on the 12.9% card.

khampson

opinions4u wrote: »

Their web site answers the question:



It doesn't mention the fact that they decline 50%+ of applications too.

So:

25.5% get 9.9%.
12.25% get 9.9%
12.25% get 12.9%
50% get nothing.

There is a case for putting new spending on your 9.9% card as you reduce your debt on the 12.9% card.

Not sure I follow you here, do you mean 25.5% get 6.9%

bengal-stripe

Oops, silly me, missed that typo!

gb12345

khampson wrote: »

Not sure I follow you here, do you mean 25.5% get 6.9%

I'm sure they do - it's just a typo.

You-kip

If you have a 3k balance at 6.9% and payback say £500 a month it will cost you £60 interest.

If you have a 3k balance at 9.9% and payback say £500 a month it will cost you £85 interest.

Its hardly worth throwing your toys out is it.

khampson

gb12345 wrote: »

Shopping around for car insurance doesn't get you multiple searches on your credit file. Each card application that you make will result in a search and multiple searches in a short period of time will make you look desperate and decrease your chances of getting offered a headline rate even further.

Just applied to Barclays for their platinum simplicity card and was accepted no problem for it with a 7.9% apr. See shopping around does pay even if wanting credit cards or maybe I just got lucky.

Thanks for taking the time to offer advice.

Keith

YorkshireBoy

khampson wrote: »

Just applied to Barclays for their platinum simplicity card and was accepted no problem for it with a 7.9% apr.

I'm struggling to understand why, when there are a plethora of 0% purchase cards around (up to 16 months or so), you seem happy to pay 6.9%/7.9%/9.9% APR when you don't have to...especially when you are INTENDING to carry a revolving balance on the card.

This was raised by another poster earlier but I don't think you gave an answer.

stephane_2

khampson wrote: »

Just applied to Barclays for their platinum simplicity card and was accepted no problem for it with a 7.9% apr. See shopping around does pay even if wanting credit cards or maybe I just got lucky.

Thanks for taking the time to offer advice.

Keith

It just prove that your credit rating is not that good if you're not even capable to get a card with a 0% offer......

khampson

stephane wrote: »

It just prove that your credit rating is not that good if you're not even capable to get a card with a 0% offer......

It does not prove anything at all. I have not even attempted to get a 0% card. I have thought about it. I have also thought I might not even use the credit card at all if I dont need to but I have one with a reasonable rate if I need it.